My landlord is going for a short sale (rental, mortgages)

olecapt · 08-17-2009, 04:28 PM

The way things are now you are good for 3 months more at least(could even go six months) and then you can probably get paid by the bank to move.

Have fun.

Tarara Boomdea · 08-17-2009, 05:54 PM

Quote:

Originally Posted by olecapt

The way things are now you are good for 3 months more at least(could even go six months) and then you can probably get paid by the bank to move.

Have fun.

That would be nice! And three to six months is more than enough time to find a place and pack up.

The weird thing is he hasn't cashed my check for August's rent. No clue what that's about.

mddohio · 08-22-2009, 03:53 PM

Quote:

Originally Posted by lvnyc

for taking the time to help, much appreciated.

I do have the canceled check for our deposit. I have a copy of our lease, but not signed by him. He has the original copy of the lease signed by both of us. I guess if he wants to, he could say there is no lease, but I don't know why we would have been paying rent here for the last 18 months.

I haven't heard a peep from his RE agent since Tuesday.

I am going to do what I can to get my deposit back, but from the comments of the RE agent and the LL himself, I may be trying to get blood out of a stone. My only hope seems to be applying it against the rent, and that's against the law.

He asked that we stay until the last possible month (depending on what happens with the sale/foreclosure) because "I need the money"

My family has been living in our lease/purchase home for 28 months and found out owner was in foreclosure proceedings. We were served, etc. Contacted our managing agent. He knew it was coming...bound by law not to be able to tell us...etc. We asked about our deposit, equity (small portion of rent towards purchase), etc. He said virtually; "tough". We found out owner had not paid mortgage for past year. Manager said "you should probably not pay rent.." Then we receive an eviction notice. We have an attorney working on it. Also, the Fed law (if property is foreclosed already) gives you a min. of 90 days to vacate. Not sure if helpful, but money in hand is better than promises!

olecapt · 08-22-2009, 07:29 PM

Quote:

Originally Posted by mddohio

My family has been living in our lease/purchase home for 28 months and found out owner was in foreclosure proceedings. We were served, etc. Contacted our managing agent. He knew it was coming...bound by law not to be able to tell us...etc. We asked about our deposit, equity (small portion of rent towards purchase), etc. He said virtually; "tough". We found out owner had not paid mortgage for past year. Manager said "you should probably not pay rent.." Then we receive an eviction notice. We have an attorney working on it. Also, the Fed law (if property is foreclosed already) gives you a min. of 90 days to vacate. Not sure if helpful, but money in hand is better than promises!

If you are in NV I don't think the property manager is bound to not tell you. I am not suggesting that he has to but that it is decision made by the agent. He has a duty of honest dealing to all. I would be suspicious of a duty not to tell you anywhere.

And if this is a classical property manager sue them for the deposit as well as the owner. You will likely win and the PM will pay.

For you to receive an eviction notice the bank has to own the place. Send your attorney off to get you 90 days and a few thousand to move.

hatingohio · 10-01-2009, 10:23 AM

I am going thru the exact same situation, except that Landlord has just decided to put a Lockbox on the home. We have 10 months left in this lease. We believe now that he knew all along he was going to have to Short Sell the home. In addition, he has not paid the HOA fees in over 2 years. I live in Ohio ....anyone know if I have the right to occasionally refuse a showing or can they say they gave me 24 hours notice and barrell in??Read more: [url]//www.city-data.com/forum/las-vegas/526450-my-landlord-going-short-sale.html#ixzz0ShaJU5Ps[/url]

Tarara Boomdea · 01-06-2010, 10:31 PM

We're still here.

No word from our landlord since August. At that time he told us he no longer expected us to pay the rent ----- sooooooooo - we haven't.

Somebody showed up here from an intermediary (Cal-Western Conveyance) - i assume their role is to handle the foreclosure. That was around the end of August, maybe the first week of September. We've heard nothing from anyone else since.

Amtrust Bank (the mortgage holder) went belly up around the beginning of December. There was news in the last couple of days that the FDIC is looking to sell the portfolio of their delinquent mortgages in the second quarter of 2010.

Our lease is up at the end of June, when my daughter graduates from HS. After that, we'll be happy to leave.

Anyone else a renter in a landlord default? How long did you end up staying?

sierramadre44 · 01-06-2010, 11:13 PM

Quote:

Originally Posted by lvnyc

We're still here.

No word from our landlord since August. At that time he told us he no longer expected us to pay the rent ----- sooooooooo - we haven't.

Somebody showed up here from an intermediary (Cal-Western Conveyance) - i assume their role is to handle the foreclosure. That was around the end of August, maybe the first week of September. We've heard nothing from anyone else since.

Amtrust Bank (the mortgage holder) went belly up around the beginning of December. There was news in the last couple of days that the FDIC is looking to sell the portfolio of their delinquent mortgages in the second quarter of 2010.

Our lease is up at the end of June, when my daughter graduates from HS. After that, we'll be happy to leave.

Anyone else a renter in a landlord default? How long did you end up staying?

Where have you been? I started posting here several months ago about just such a situation. FURIOUS I was. Now will be going to court with prop mgmt company. The owner defaulted and the prop mgmt company said I had to keep paying the rent so she could pocket the money. Nice, huh? Legal, yes. Unethical, I think so. I didn't stay. The prop mgmt company took me to court to try to evict me. I do know another couple that have been in the house since last April RENT FREE and their mgmt co canceled the lease. As far as I know they are still there.

I'll be happy to leave too.

--- Vegas that is.

Tarara Boomdea · 01-07-2010, 12:00 AM

I'll look them up.

We don't have a management company. This was a deal between the LL and us.

We don't know why he no longer wanted the rent; we would have continued to pay it. He told us we didn't have to pay right before we found out about the Notice of Default.

airics · 01-07-2010, 12:09 AM

Quote:

Originally Posted by lvnyc

I'll look them up.

We don't have a management company. This was a deal between the LL and us.

We don't know why he no longer wanted the rent; we would have continued to pay it. He told us we didn't have to pay right before we found out about the Notice of Default.

heres the kicker, if the house is still in the landlords name and NOT the banks, your lease is still valid.. he can (don't know if he will of course) sue and win... doesnt matter whats happening with the house.. it is a contract between you and the LL, not the bank

Tarara Boomdea · 01-07-2010, 12:28 AM

Yes, of course, and I suppose that could still happen. I think he just didn't want to hear about it (his underwater investment, not his only one) any more, and certainly didn't want to hear about any major repairs that had to be made (so far, so good - there have been none.) We never bothered him about the minor repairs; we've always just fixed them ourselves.

So we would just pay the accrued rent, minus the pool and lawn maintenance that we had to pick up. (They were included in the lease. He stopped paying for these services well before he told us to stop paying the rent.)